Times are tough but there’s plenty to be cautiously optimistic about
Date published:
The Chamber’s latest column for The Journal by John McCabe, chief executive.
When was the last time you read an end of year business column that didn’t start with something along the lines of ‘This is a really difficult time for business’ ?
Well, here are my thoughts on where we stand in the final days of 2024.
This is a really difficult time for business. Measures announced by the Chancellor in her autumn Budget will place additional cost pressures on employers who have long had to dig deep into their reserves of confidence.
Higher bills impact investment and recruitment. They stifle the growth the country and our economy are crying out for. I get it because the Chamber I run is itself a small business facing the same costs pressures as all of our members.
Through the banking crisis, Brexit, the pandemic and a period of sky-high inflation, businesses have adjusted and innovated just to keep their own show on the road. It’s tough out there and the Chamber will do all we possibly can to support North East businesses.
In 2024 we’ve welcomed more than 350 new members to our powerful network of 2,000 businesses across the North East. We’ve helped more than 550 businesses to trade internationally, connected 12,000 business members and delivered nearly 250 events.
I’m writing this column having just met with the Chancellor at the British Chambers of Commerce Business Council. Her message was clear. This Budget was a one-off and she won’t be coming back to business for more. Growth remains the government’s number one mission. Engagement with business is going to escalate in 2025.
So despite everything, I’ll enter the new year with a sense of cautious optimism.
This region has unlimited potential. Our devolution deals in the North East and Tees Valley are working. Look at the investments in Crown Works Studios, in carbon capture on Teesside, in the massive data centre planned for Northumberland.
Consider the brilliant collaboration we’re seeing between our five universities. They’re outstanding individually but imagine what they can achieve together.
Our fantastic colleges are more closely aligned with the needs of employers than ever before, ensuring more young people can realise their potential and more employers can recruit local skills.
International investors, who can choose to make their mark anywhere in the world, are looking at and talking to business in the North East and Tees Valley.
I’m confident that in 2025 we’re going to see investment confirmed in game-changing infrastructure for our region.
With the changing nature of our economy, the Chamber is going to be doing things a little differently in 2025. We’ve got our own big plans to deliver for the region we’re honoured to serve.
The new year is almost upon us. Bring it on.
But in the meantime, I wish you a very happy, peaceful Christmas and a truly prosperous 2025.